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	Services Audit General & Business Advice Insolvency, bankruptcies & recoveries Financial Reporting Forensic Accounting IT Investment & Financial Advice - Business & Personal Business & Employee Taxation Personal & Family Taxation Consumer Tips				Business Tax - Your Duties as a Company Running a business can be very time consuming and taking care of all your tax issues can be confusing and hard to fit in alongside everything else you have to deal with. Business Taxation As a limited company in the UK, you will be liable for corporation tax which is calculated using the financial information you provide at your company's year end. Your accountant will have experience in business taxation issues and could help advise you on legitimate ways for you to pay less tax that you perhaps weren't previously aware of. Employee Taxation - PAYE & NI As an employer, you're responsible for making sure your employees' national insurance (NI) contributions and income tax is calculated correctly using the Pay As You Earn system or PAYE. Many companies either have a dedicated person in-house to deal with employee taxation or outsource it to an accountancy firm. Search for an accountant near you now. Payroll Service and Advice Outsourcing your payroll service could actually save your business money in the long-term given that it can be a very labour intensive and time consuming process. Many manufacturing companies still pay their production staff weekly and their office staff monthly which creates a lot more work when it comes to organising the payroll. Other payroll issues you may want to get advice on range from P45 production to making sure your payslips comply with HM Revenue & Customs guidelines. VAT advice When you're not sure if your company should be VAT registered or not, it's advisable to get a professional opinion from a local accountant. There are certain goods that are exempt from VAT and if you're selling online or exporting good to other countries, then it's critical you get reliable VAT advice to avoid any future issues. Capital Gains Tax Capital gains tax is payable when you either sell or give away an asset that has seen its value increase over time. In business terms, an example would be; you bought a business 5 years ago for £100,000 and sold it for £150,000. The capital gain on that asset is therefore £50,000 and you'd be liable to pay capital gains tax on this amount. Customs Duty Customs dutyand how it affects your business will depend on the countries you import to and export from as well as the types of goods involved. It's important to find out what customs duty you'll have to pay in advance so that you can factor it in to your pricing structure and overall financial viability of your business dealings across the globe. Offshore Companies Setting up an offshore company can in certain cases, help protect your assets and reduce your tax liabilities. Offshore company formation and taxation can be a legal and regulatory minefield, so if it's something you're considering, expert accountancy advice is a must. Partnerships and Sole Traders If you're part of a formal partnership or working as a sole trader, your tax affairs are different from those of a limited company. The main difference is that your business won't have to pay corporation tax. You will instead be liable for personal income tax which is calculated using the information you supply on your annual tax return. Tax Investigations If you've been notified by HM Revenue & Customs that they plan to investigate your tax affairs then you'll need a qualified accounting professional to turn to for advice. Trying to fight a tax investigation on your own is extremely difficult as the knowledge of the tax inspectors will be far more comprehensive than your own, so it's unlikely your investigation will yield a positive result in your favour. Get in touch with a local accountant by searching our network and discover more about tax investigations. Business tax tip: Even if you're a ‘one man band’ limited company, you are still regarded as an employer and employee of that company and should seek tax advice on how this will affect your income and what your responsibilities are.